There is no doubt that the MetaTrader platform is the face of the online trading industry. Anyone who has done some trading, or has even learnt a bit about it would have come across the MT4 or the MT5 at some point. There are hundreds, or even thousands of regulated and legitimate brokerages out there that use the MT5 trading platform and offer it to their clients. After all, the platform’s developer, MetaQuotes, is quite well-known and it complies with the strictest security standards when developing its software.
But, the most important thing to bear in mind is that MetaQuotes is a commercial software development company and can sell license of their software to any business. Hence, they cannot be held liable for the actions of another business. The takeaway here is that just because a brokerage offers the MT5 trading platform does not automatically make them reliable. You have to do your due diligence, or else you could end up becoming victims of the numerous MetaTrader 5 scams out there. Yes, they have happened and continue to happen because the brokers are able to manipulate the data on the platform.
If they are not legitimate, they can use the MetaTrader 5 platform to erase your deposits, alter your trades, or skew the live market data, all of which are aimed at stealing your money. If you do not want to be a victim, you have to do your due diligence, which means checking a brokerage out thoroughly. You should always choose a regulated and reputable broker that has been operating in the market for some time. Furthermore, you should also be wary of platforms that make big promises when it comes to profits because no one can give you any guarantees.
You should bear in mind that MetaTrader 5 scams are so common because cybercriminals understand that it is a trusted platform and people will be drawn towards it. Some scammers are willing to make the investment into obtaining a license because they will be able to steal a lot more in return, thereby making it inexpensive. In other cases, you may end up with a pirated copy as well, which is just as efficient and will have you trapped. Nevertheless, this does not mean that you have to suffer in silence if you have been scammed.
What can be done? There are actions you can take if you find yourself a victim of an MT5 scam. This involves getting in touch with a fund recovery service that is launched with the primary purpose of assisting people in retrieving their funds from fraudsters. This might sound too good to be true, but in today’s technology advanced world, there are a lot of possibilities and this is one of them. You will learn soon enough that there are recovery services like Money Back out there that can assist you in this process.
As the name makes it obvious, their goal is to help anyone who has been scammed online to get their money back from the cybercriminals. This is not a piece of cake, which means it will take time. But, you have to be proactive and get in touch with Money Back quickly. In addition, you also need to be forthcoming about the relevant information, as this will allow them to get started quickly. Time is of the essence here and they will take the steps necessary to get your funds back.
They can assist you not just in dealing with MetaTrader 5 scams, but others like bitcoin trading robots scams, forex broker scams and investment scams are also right up their alley. The team at Money Back understands how the process works and have more than four years of experience dealing with such cases. Hence, they are less likely to make mistakes in the recovery process and have strong chances of getting back the funds on your behalf.